Nickelodeon stake in Reliance Industries firm okayed

New Delhi, July 15 (IANS) The government has approved a 50 percent equity induction worth Rs.940.50 crore into Reliance Industries-promoted company by popular children’s entertainment media group Nickelodeon.

According to an official statement by the finance ministry on Wednesday, the equity induction will be routed through Prism TV, a company in which Mukesh Ambani-promoted Shinano Retail is a majority stakeholder.

The investment is among 10 others worth Rs.1,675.15 crore approved by the government based on the recommendations by the Foreign Investment Promotion Board.

Among the proposals approved is a Rs.620 crore investment of NTT Communications India for downstream investment in an Indian company yet to be incorporated for carrying out the telecom services.

It also approved a Rs.49 crore proposal by YourNest Angel Fund to invite up to 49 percent foreign investment from Tech Entrepreneurship India Company Limited, Mauritius.

The other proposals that got approvals were from Eros International Media and Sprint Telecom India.

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